EX-12.1 2 y91295kexv12w1.htm EX-12.1 exv12w1
 
Exhibit 12.1
 
THE CHUBB CORPORATION
 
COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
 
                                         
    Years Ended December 31  
    2011     2010     2009     2008     2007  
    (in millions except for ratio amounts)  
 
Income from continuing operations before provision for income taxes
  $ 2,199     $ 2,988     $ 2,962     $ 2,407     $ 3,937  
Less:
                                       
Income (loss) from equity investees
    240       340       (9 )     (14 )     390  
Add:
                                       
Interest expensed
    245       248       248       240       206  
Capitalized interest amortized or expensed
    —       2       2       8       12  
Portion of rents representative of the interest factor
    28       28       29       31       31  
Distributions from equity investees
    184       125       51       166       151  
                                         
Income as adjusted
  $ 2,416     $ 3,051     $ 3,301     $ 2,866     $ 3,947  
                                         
Fixed charges:
                                       
Interest expensed
  $ 245     $ 248     $ 248     $ 240     $ 206  
Portion of rents representative of the interest factor
    28       28       29       31       31  
                                         
Fixed charges
  $ 273     $ 276     $ 277     $ 271     $ 237  
                                         
Ratio of consolidated earnings to fixed charges
    8.85       11.05       11.92       10.58       16.65